Morgan Stanley funds sold SIF shares in Q4 2007

Five mutual funds administered by Morgan Stanley Asset Management sold SIF shares in the fourth quarter of 2007 worth some €16.2 million, according to the SIF quotation at the end of last year.

Prior to their sale, the value of the respective share packages acquired in Q2 2007, was of some €17.3 mln at the end of Q3 2007, with the depreciation of the value of the entire package due especially to a some 7 percent correction of the national currency against the euro. The BET-FI index, which follows the evolution of the five SIFs, registered a 1 percent rise in the 30 September – 21 December period.

Foreign investors began resorting to massive sales in November 2007, at which time their withdrawal from the Bucharest Stock Exchange (BVB) reached a record level of €59.8 mln. The value of shares sold by Morgan Stanley represents 27 percent of total net withdrawals in November.

Morgan Stanley is one of the top investors in BVB shares, acquiring a further 9,796 shares at the beginning of February, worth some €0.4 mln.